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NRE Account

NRE Account


The HSBC NRE Account is a savings / current bank account held in India, in Indian Rupees.

You can deposit your foreign currency earnings into the NRE account by transfers from your country of residence or transfers from other NRE accounts in India. The money you deposit in foreign currency is converted into Indian Rupees, as per the prevailing foreign exchange rate1. You can always convert it back to foreign currency and repatriate the sum out of India, since both principal and interest earned in this NRE account are Freely repatriable.

Key features:

  • Tax free2
    Interest earned on your deposits in this account is exempt from tax in India.
  • Access your account from around the world

    International Debit Card 3
    Access to HSBC Group ATMs and ATMs affiliated to the Visa network and access to Visa merchant outlets worldwide

    Internet Banking
    Access and track your NRE account 24x7
    - Funds transfer4 to any bank account in India from your HSBC India NRE account
    - Issue of Rupee Drafts
    - Request for E-Statements for your bank account
    - Create and access Fixed Deposits
    - Stop cheques, order new cheque books
    - Pay bills5 for services availed by your family in India
    Pay the utility bills of your family in India - such as electricity, telephone and mobile bills through Internet Banking.
    Know more about Internet Banking

    Phone Banking
    Enjoy quick and efficient banking experience by using HSBC Phone Banking
  • Your family in India can also operate the account
    You can appoint a resident individual as Power of Attorney for your NRE account.
    The power of attorney holder will receive:
    - Debit card6
    - Cheque book

    Your family can thus access your account for all their financial needs:
    - Withdraw money at HSBC ATMs or shop at establishments across India with the Debit card
    - Issue cheques for payments in India
    - Deposit foreign currency cheques in your name to your account
    Download the power of attorney form.

  • Kindly note operation of the account by your appointed Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels
  • Nomination facility
    Nomination facility is available on the NRE account. Click here to download the nomination form
  • Joint Account
    NRE account can be in the names of two or more non-resident individuals provided all the account holders are persons of Indian nationality or origin or with Resident close relatives (relative as defined in Section 6 of the Companies Act, 1956) on 'former or survivor' basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with extant instructions during the life time of the NRI/ PIO account holder
  • Account Rules
    Please Click here for Account rules for Non-Resident Accounts offered by HSBC India

All foreign currency transactions through HSBC India are subject to Service Tax. Please Click here for details.

1 Foreign exchange rate are subject to daily change

2 Indian tax information given herein is general and is not meant to constitute, and therefore should not be construed, as advice. The tax consequences are also based on individual facts and circumstances. As such, prior professional tax advice should be sought to fully understand and appreciate the Indian tax implications. We assume no obligation or liability of any nature whatsoever by issuing this document. For US Citizens and US Residents, if necessary, you should consult your tax advisor for questions regarding the US tax treatment of these deposits. If you are resident in any other country, you should consult your tax advisor regarding the tax treatment of these deposits in your country of residence.

3 A transaction fee is applicable for withdrawals from other bank ATMs or any ATM outside India. All cash withdrawals overseas must be strictly in accordance with the FEMA Regulations of the Reserve Bank of India. The aggregate expenses (i.e. through cash/traveller's cheques/your bank accounts) should not exceed the limit set by RBI, as prevailing from time to time. 4Log on to the Personal Internet Banking account on www.hsbc.co.in to know more

5 This feature requires separate registration

6 Free for first year debit card facility is only available to nominated family members who have been appointed as the Power of Attorney for an NR Account holder. Fees will be charged on the debit card held by the primary NR account holder. Please refer to the debit card sections in www.hsbc.co.in for details on debit card fees.

NR Accounts and NRI Services are offered by The Hongkong and Shanghai Banking Corporation Limited in India (HSBC India) under the Reserve Bank of India Non-Resident Indian Program.

NR deposits are offered under the Reserve Bank of India program for Non-Resident Indians and are governed by the rules in effect from time to time relating to such programs, are subject to the sovereign risk arising from, and governed by the laws of, or any changes to the laws of India.

Deposits/investments made with non-UK members of the group do not benefit from the protection provided under the UK Financial Services and Markets Act 2000, including the UK Financial Services Compensation Scheme.

NR deposits with the Bank in India are not insured by Federal Deposit Insurance Corporation (FDIC) of the U.S.A., nor by any other insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made. Under current U.S. tax laws, U.S. citizens and residents are subject to tax on their worldwide income. You should consult your tax advisor for the U.S. treatment of income from these deposits.

HSBC India is the branch of The Hongkong and Shanghai Banking Corporation Limited and HSBC India is not regulated in Canada. NR deposits with the Bank in India are not insured by Canadian Deposit Insurance Corporation (CDIC), nor by any other insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made. You should consult your tax advisor for the Canada treatment of income from these deposits.

NRI accounts and services are offered by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India). HSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. The Hongkong and Shanghai Banking Corporation Limited has a Representative Office in the UAE licensed by the Central Bank of the United Arab Emirates.

Deposits/accounts held with HSBC India are not protected deposits under the Hong Kong Deposit Protection Scheme and are not protected by such scheme.

For Residents within Kingdom of Bahrain, we remind you that deposits made with HSBC India do not benefit from the protection provided under the Deposit Protection Scheme established by the Central Bank of Bahrain regulation concerning the establishment of a Deposit Protection Scheme and a Deposit Protection Board.

Next Steps

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